FTM Price Prediction 2024: Will Fantom Reclaim $1 This Year?

Fantom Price action shows a bull cycle struggling above 20D EMA. The FTM price action shows a falling wedge at play. A breakout run in Fantom could scale to $0.62.

As the crypto market witnesses a long squeeze with $174M in longs liquidated, the bull cycle is put under stress. But amidst this, the altcoin bazaar presents a diverse scenario. While DeFi tokens experience a resurgence, memes and other altcoins face a setback.

On the brighter side, the FTM price bull cycle's rising momentum hints at a breakout run. This development has sparked speculation among traders, leading to a Fantom price prediction of $2 in 2024. Let's analyze the technicalities and chart patterns to assess the validity of this price prediction.

Trading at $0.38, the Fantom coin price shows a 4% overnight rise, pushing above the 20D EMA. The FTM price forms a doji candle, encountering resistance at the $0.40 level.

Chart by TradingView

Observing the broader perspective, the FTM price action showcases a falling wedge pattern on the daily chart. Commencing from the $1.22 peak and a low at $0.26, the decline totals 78.59% from March 2024.

Examining the price action from a support perspective, the FTM price cycle demonstrates a bull cycle emerging from the support trendline. This uptrend accounts for a price increase of 33.51% over the last 11 days, crossing above the 20D EMA.

However, the rising supply at $0.40 caused a strong price rejection in the last intraday candle. This development heightens the probability of a bearish reversal.

Technical Indicators:

RSI: The daily RSI line bounces from the oversold zone to the halfway line, indicating a sudden rise in demand, bolstering the positive cycle.

EMA: The intense bearish correction leads to a death cross between the 50-day and 200-day EMA and the 100-day EMA crossing below the 200-day EMA. As a result, all the crucial EMAs on the daily chart are in a bearish alignment.

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